On 26 October 2007, Nova's stock was delisted and all branches closed, following an emergency board meeting that removed Sahashi from his position as head of the company.
In June 2008, after a volunteer questioning with Osaka Prefectural Police, a warrant was served and Sahashi was arrested on charges of embezzlement. Sahashi denied charges of wrongdoing and insisted that the 320 million yen reserve fund personally created through a firm affiliated with Nova effectively under Sahashi's control had been set up to refund tuition fees to students who had canceled their lessons.
Famous quotes containing the word removal:
“If God now wills the removal of a great wrong, and wills also that we of the North as well as you of the South, shall pay fairly for our complicity in that wrong, impartial history will find therein new cause to attest and revere the justice and goodness of God.”
—Abraham Lincoln (18091865)